BGSF, Inc. Reports Second Quarter 2024 Financial Results
BGSF, Inc. ((BGSF), a growing provider of consulting, managed services, and professional workforce solutions, today reported financial results for the second fiscal quarter ended June 30, 2024.
Q2 2024 Sequential Comparison to Q1 2024:
-
Revenues were $68.1 million for Q2, compared to $68.8 million for Q1.
- Property Management segment revenues increased 4.8% from Q1, mainly due to normal seasonal fluctuations.
- Professional segment revenues declined 4.1% from Q1, with project completions outpacing the timing of new engagement starts.
- Gross profit was $23.6 million, up from $23.4 million in Q1, primarily due to higher sales in Property Management.
- Net loss was $0.8 million, or $0.07 per diluted share for Q2 and Q1.
- Adjusted EBITDA1 was $2.6 million (3.8% of revenues) in Q2 from $2.7 million (4.0% of revenues) in Q1.
- Adjusted EPS1 was $0.07 for Q2 compared with $0.07 for Q1.
SUMMARY OF FINANCIAL RESULTS (dollars in thousands) (unaudited) |
||||||||||||||||||
|
|
For the Thirteen Week Periods Ended |
||||||||||||||||
|
|
June 30,
|
|
July 2,
|
|
March 31,
|
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|||||||||
Property Management |
|
$ |
25,726 |
|
|
|
$ |
31,071 |
|
|
|
$ |
24,547 |
|
|
|||
Professional |
|
|
42,411 |
|
|
|
|
49,729 |
|
|
|
|
44,218 |
|
|
|||
Total |
|
$ |
68,137 |
|
|
|
$ |
80,800 |
|
|
|
$ |
68,765 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross profit / Gross profit percentage: |
|
|
|
|
|
|
|
|
|
|||||||||
Property Management |
|
$ |
9,596 |
|
37 |
% |
|
$ |
12,652 |
|
41 |
% |
|
$ |
9,343 |
|
38 |
% |
Professional |
|
|
14,034 |
|
33 |
% |
|
|
16,922 |
|
34 |
% |
|
|
14,095 |
|
32 |
% |
Total |
|
$ |
23,630 |
|
35 |
% |
|
$ |
29,574 |
|
37 |
% |
|
$ |
23,438 |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income |
|
$ |
81 |
|
|
|
$ |
5,050 |
|
|
|
$ |
415 |
|
|
|||
Net (loss) Income |
|
$ |
(761 |
) |
|
|
$ |
2,604 |
|
|
|
$ |
(792 |
) |
|
|||
Net (loss) income per diluted share |
|
$ |
(0.07 |
) |
|
|
$ |
0.24 |
|
|
|
$ |
(0.07 |
) |
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP Financial Measures: |
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA1 |
|
$ |
2,603 |
|
|
|
$ |
7,500 |
|
|
|
$ |
2,741 |
|
|
|||
Adjusted EBITDA Margin (% of revenue)1 |
|
|
3.8 |
% |
|
|
|
9.3 |
% |
|
|
|
4.0 |
% |
|
|||
Adjusted EPS1 |
|
$ |
0.07 |
|
|
|
$ |
0.37 |
|
|
|
$ |
0.07 |
|
|
|||
1 |
Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures as defined and reconciled below. |
Beth A. Garvey, Chair, President, and CEO, said, "Despite weak revenue and operating trends during the second quarter, we believe that recent project wins will begin generating additional revenue in the second half of 2024. In the first half of the year, we reduced headcount and lowered fixed costs to align with both our revenues and our strategic growth plans.
"Our territory mapping strategy, which derived out of our Salesforce platform, in Property Management is showing early positive results between the first and second quarters, and we are confident in our strategy to deploy in additional markets in the coming months. Although the Professional segment has experienced a slowdown in customer spending due to macroeconomic headwinds and sustained higher interest rates, we are seeing significant growth in our managed services and consulting engagements. Notably, during the second quarter, new contract wins outpaced contract ends by approximately 25%. We won one of the most significant single projects in our company's history—a major IT transformation project for a large international client, which will start contributing to our financials in the third quarter.
"While our first-half results do not fully capture the momentum from these recent business wins, we anticipate a strong revenue ramp-up in the Professional division starting in the third quarter and continuing into the fourth. Additionally, we are seeing an increase in our permanent placement activity in our finance & accounting services, with recent double-digit growth, which we believe is a positive sign for the future.
"We are cautiously optimistic about what the second half of 2024 will bring.
"Regarding the review of strategic alternatives that we announced in May, the Board and I continue to evaluate options to maximize shareholder value. While there is no update at this time, the process is ongoing, and we look forward to sharing the results in the future. I want to extend my gratitude to all our stakeholders—employees, clients, partners, and investors—for their continued support and belief in our vision at BGSF.
"Lastly, I am pleased to announce that we have been recognized in Staffing Industry Analysts' 2024 U.S. rankings, placing us in the top 50 for U.S. IT staffing firms and the top 100 for overall U.S. staffing firms. We remain committed to delivering value and excellence to our customers and strategic partners." concluded Garvey.
Conference Call
BGSF will discuss its second quarter 2024 financial results during a conference call and webcast at 9:00 a.m. ET on August 8, 2024. Interested participants may dial 1-844-481-3017 (Toll Free) or 1-412-317-1882 (International). A replay of the call will be available until August 15, 2024. To access the replay, please dial 1-877-344-7529 (Toll Free), or 1-412-317-0088 (International) and enter access code 4959867. The live webcast and archived replay are accessible from the investor relations section of the Company's website at https://investor.bgsf.com/events-and-presentations/default.aspx
About BGSF
BGSF provides consulting, managed services and professional workforce solutions to a variety of industries through its various divisions in IT, Finance & Accounting, Managed Solutions, and Property Management. BGSF has integrated several regional and national brands achieving scalable growth. The Company was ranked by Staffing Industry Analysts as the 97th largest U.S. staffing company and the 49th largest IT staffing firm in 2024. The Company's disciplined acquisition philosophy, which builds value through both financial growth and the retention of unique and dedicated talent within BGSF's family of companies, has resulted in a seasoned management team with strong tenure and the ability to offer exceptional service to our field talent and client partners while building value for investors. For more information on the Company and its services, please visit its website at www.bgsf.com.
Forward-Looking Statements
The forward-looking statements in this press release are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding our future financial performance and the expectations and objectives of our board or management. The Company's actual results could differ materially from those indicated by the forward-looking statements because of various other risks and uncertainties, including, among other things, risks relating to volatility and uncertainty in the capital markets, availability of suitable third parties with which to conduct any strategic transaction, whether the Company will be able to pursue a strategic transaction, or whether any such transaction, if pursued, will be completed successfully and on attractive terms, or at all, the risks associated with undertaking a review of strategic alternatives, including in respect of relationships with stockholders, employees, customers, and suppliers, as well as risks and uncertainties listed in Item 1A of the Company's Annual Report on Form 10-K and in the Company's other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words "allows," "anticipates," "believes," "plans," "expects," "estimates," "should," "would," "may," "might," "forward," "will," "intends," "continue," "outlook," "temporarily," "progressing," "prospects," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Source: BGSF, Inc.
UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) |
||||||
|
|
June 30,
|
|
December 31,
|
||
ASSETS |
|
|
||||
Current assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
226 |
|
$ |
— |
Accounts receivable (net of allowance for credit losses of $674 and $554, respectively) |
|
|
46,430 |
|
|
56,776 |
Prepaid expenses |
|
|
2,870 |
|
|
2,963 |
Other current assets |
|
|
3,416 |
|
|
7,172 |
Total current assets |
|
|
52,942 |
|
|
66,911 |
|
|
|
|
|
||
Property and equipment, net |
|
|
1,284 |
|
|
1,217 |
|
|
|
|
|
||
Other assets |
|
|
|
|
||
Deposits |
|
|
2,093 |
|
|
2,699 |
Software as a service, net |
|
|
4,750 |
|
|
5,026 |
Deferred income taxes, net |
|
|
7,398 |
|
|
7,271 |
Right-of-use asset - operating leases, net |
|
|
4,481 |
|
|
5,435 |
Intangible assets, net |
|
|
27,655 |
|
|
30,370 |
Goodwill |
|
|
59,151 |
|
|
59,588 |
Total other assets |
|
|
105,528 |
|
|
110,389 |
Total assets |
|
$ |
159,754 |
|
$ |
178,517 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
Current liabilities |
|
|
|
|
||
Accounts payable |
|
$ |
254 |
|
$ |
95 |
Accrued payroll and expenses |
|
|
14,004 |
|
|
14,902 |
Line of credit (net of debt issuance costs of $128) |
|
— |
|
|
24,746 |
|
Long-term debt, current portion (net of debt issuance costs of $29 and $0, respectively) |
|
|
3,371 |
|
|
34,000 |
Accrued interest |
|
|
220 |
|
|
438 |
Income taxes payable |
|
|
165 |
|
|
282 |
Contingent consideration, current portion |
|
|
— |
|
|
4,208 |
Convertible note |
|
|
4,368 |
|
|
4,368 |
Other current liabilities |
|
|
2,116 |
|
|
— |
Lease liabilities, current portion |
|
|
1,719 |
|
|
2,016 |
Total current liabilities |
|
|
26,217 |
|
|
85,055 |
|
|
|
|
|
||
Line of credit (net of debt issuance costs of $318) |
|
|
13,748 |
|
|
— |
Long-term debt, less current portion (net of debt issuance costs of $236) |
|
|
29,514 |
|
|
— |
Contingent consideration, less current portion |
|
|
3,981 |
|
|
4,112 |
Lease liabilities, less current portion |
|
|
3,133 |
|
|
3,814 |
Total liabilities |
|
|
76,593 |
|
|
92,981 |
Commitments and contingencies |
|
|
|
|
||
Preferred stock, $0.01 par value per share, 500,000 shares authorized, -0- shares issued and outstanding |
|
|
— |
|
|
— |
Common stock, $0.01 par value per share; 19,500,000 shares authorized 10,956,137 and 10,887,509 shares issued and outstanding, respectively, net of 3,930 shares of treasury stock, at cost, respectively. |
|
|
53 |
|
|
52 |
Additional paid in capital |
|
|
69,367 |
|
|
68,551 |
Retained earnings |
|
|
13,741 |
|
|
16,933 |
Total stockholders' equity |
|
|
83,161 |
|
|
85,536 |
Total liabilities and stockholders' equity |
|
$ |
159,754 |
|
$ |
178,517 |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share and dividend amounts)
For the Thirteen and Twenty-six Week Periods Ended June 30, 2024 and July 2, 2023
|
||||||||||||||||
|
|
Thirteen Weeks Ended |
|
Twenty-six Weeks Ended |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
$ |
68,137 |
|
|
$ |
80,800 |
|
|
$ |
136,903 |
|
|
$ |
156,116 |
|
Cost of services |
|
|
44,507 |
|
|
|
51,226 |
|
|
|
89,835 |
|
|
|
99,758 |
|
Gross profit |
|
|
23,630 |
|
|
|
29,574 |
|
|
|
47,068 |
|
|
|
56,358 |
|
Selling, general and administrative expenses |
|
|
21,568 |
|
|
|
22,584 |
|
|
|
42,583 |
|
|
|
45,796 |
|
Impairment losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,545 |
|
Depreciation and amortization |
|
|
1,981 |
|
|
|
1,940 |
|
|
|
3,988 |
|
|
|
3,696 |
|
Operating income (loss) |
|
|
81 |
|
|
|
5,050 |
|
|
|
497 |
|
|
|
(15,679 |
) |
Interest expense, net |
|
|
(1,061 |
) |
|
|
(1,502 |
) |
|
|
(2,297 |
) |
|
|
(2,703 |
) |
(Loss) income before income taxes |
|
|
(980 |
) |
|
|
3,548 |
|
|
|
(1,800 |
) |
|
|
(18,382 |
) |
Income tax benefit (expense) |
|
|
219 |
|
|
|
(944 |
) |
|
|
247 |
|
|
|
4,520 |
|
Net (loss) income |
|
$ |
(761 |
) |
|
$ |
2,604 |
|
|
$ |
(1,553 |
) |
|
$ |
(13,862 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.07 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
|
$ |
(1.29 |
) |
Diluted |
|
$ |
(0.07 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
|
$ |
(1.29 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
10,880 |
|
|
|
10,759 |
|
|
|
10,858 |
|
|
|
10,731 |
|
Diluted |
|
|
10,880 |
|
|
|
10,770 |
|
|
|
10,858 |
|
|
|
10,731 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share |
|
$ |
— |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.30 |
|
BUSINESS SEGMENTS (dollars in thousands) (unaudited) |
||||||||||||||||||||||||
|
|
Thirteen Weeks Ended |
|
Twenty-six Weeks Ended |
||||||||||||||||||||
|
|
June 30,
|
|
July 2,
|
|
June 30,
|
|
July 2,
|
||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property Management |
|
$ |
25,726 |
|
38 |
% |
|
$ |
31,071 |
|
38 |
% |
|
$ |
50,273 |
|
37 |
% |
|
$ |
59,477 |
|
38 |
% |
Professional |
|
|
42,411 |
|
62 |
|
|
|
49,729 |
|
62 |
|
|
|
86,630 |
|
63 |
|
|
|
96,639 |
|
62 |
|
Total |
|
$ |
68,137 |
|
100 |
% |
|
$ |
80,800 |
|
100 |
% |
|
$ |
136,903 |
|
100 |
% |
|
$ |
156,116 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property Management |
|
|
9,596 |
|
41 |
% |
|
$ |
12,652 |
|
43 |
% |
|
$ |
18,939 |
|
40 |
% |
|
$ |
23,999 |
|
43 |
% |
Professional |
|
|
14,034 |
|
59 |
|
|
|
16,922 |
|
57 |
|
|
|
28,129 |
|
60 |
|
|
|
32,359 |
|
57 |
|
Total |
|
$ |
23,630 |
|
100 |
% |
|
$ |
29,574 |
|
100 |
% |
|
$ |
47,068 |
|
100 |
% |
|
$ |
56,358 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property Management |
|
$ |
3,203 |
|
|
|
$ |
5,774 |
|
|
|
$ |
6,605 |
|
|
|
$ |
10,464 |
|
|
||||
Professional -without impairment losses |
|
|
1,556 |
|
|
|
|
3,786 |
|
|
|
|
3,230 |
|
|
|
|
6,413 |
|
|
||||
Professional - impairment losses |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(22,545 |
) |
|
||||
Home office |
|
|
(4,678 |
) |
|
|
|
(4,510 |
) |
|
|
|
(9,338 |
) |
|
|
|
(10,011 |
) |
|
||||
Total |
|
$ |
81 |
|
|
|
$ |
5,050 |
|
|
|
$ |
497 |
|
|
|
$ |
(15,679 |
) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
For the Twenty-six Week Periods Ended June 30, 2024 and July 2, 2023 |
||||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(1,553 |
) |
|
$ |
(13,862 |
) |
Adjustments to reconcile net loss to net cash provided by activities: |
|
|
|
|
||||
Depreciation |
|
|
184 |
|
|
|
238 |
|
Amortization |
|
|
3,804 |
|
|
|
3,458 |
|
Impairment losses |
|
|
— |
|
|
|
22,545 |
|
Loss on disposal of property and equipment |
|
|
9 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
|
89 |
|
|
|
92 |
|
Interest expense on contingent consideration payable |
|
|
(90 |
) |
|
|
202 |
|
Provision for credit losses |
|
|
1,116 |
|
|
|
321 |
|
Share-based compensation |
|
|
471 |
|
|
|
436 |
|
Deferred income taxes, net of acquired deferred tax liability |
|
|
(127 |
) |
|
|
(5,287 |
) |
Net changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
|
|
||||
Accounts receivable |
|
|
9,230 |
|
|
|
7,672 |
|
Prepaid expenses |
|
|
93 |
|
|
|
(93 |
) |
Other current assets |
|
|
1,597 |
|
|
|
2,572 |
|
Deposits |
|
|
607 |
|
|
|
(9 |
) |
Software as a service |
|
|
358 |
|
|
|
362 |
|
Accounts payable |
|
|
160 |
|
|
|
(1,515 |
) |
Accrued payroll and expenses |
|
|
(219 |
) |
|
|
(5,033 |
) |
Accrued interest |
|
|
(218 |
) |
|
|
264 |
|
Income taxes receivable and payable |
|
|
(771 |
) |
|
|
274 |
|
Operating leases |
|
|
(23 |
) |
|
|
(88 |
) |
Net cash provided by operating activities |
|
|
14,717 |
|
|
|
12,549 |
|
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
|
||||
Businesses acquired, net of cash received |
|
|
— |
|
|
|
(6,740 |
) |
Capital expenditures |
|
|
(995 |
) |
|
|
(1,490 |
) |
Net cash used in investing activities |
|
|
(995 |
) |
|
|
(8,230 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Net (payments) borrowings under line of credit |
|
|
(10,808 |
) |
|
|
2,438 |
|
Principal payments on long-term debt |
|
|
(850 |
) |
|
|
(2,000 |
) |
Payments of dividends |
|
|
(1,639 |
) |
|
|
(3,244 |
) |
Issuance of ESPP shares |
|
|
244 |
|
|
|
292 |
|
Issuance of shares under the 2013 Long-Term Incentive Plan, net of exercises |
|
|
102 |
|
|
|
30 |
|
Contingent consideration paid |
|
|
— |
|
|
|
(1,110 |
) |
Debt issuance costs |
|
|
(545 |
) |
|
|
(65 |
) |
Net cash used in financing activities |
|
|
(13,496 |
) |
|
|
(3,659 |
) |
Net change in cash and cash equivalents |
|
|
226 |
|
|
|
660 |
|
Cash and cash equivalents, beginning of period |
|
|
— |
|
|
|
— |
|
Cash and cash equivalents, end of period |
$ |
226 |
|
|
$ |
660 |
|
|
|
|
|
|
|
||||
Supplemental cash flow information: |
|
|
|
|
||||
Cash paid for interest, net |
|
$ |
2,417 |
|
|
$ |
2,036 |
|
Cash paid for taxes, net of refunds |
|
$ |
636 |
|
|
$ |
484 |
|
NON-GAAP FINANCIAL MEASURES
The financial results of BGSF, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission. To help the readers understand the Company's financial performance, the Company supplements its GAAP financial results with Adjusted EBITDA and Adjusted EPS.
A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA and Adjusted EPS are not measurements of financial performance under GAAP and should not be considered as alternatives to net income, net income per diluted share, operating income, or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities or measures of our liquidity. We believe that Adjusted EBITDA and Adjusted EPS are useful performance measures and are used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. In addition, the financial covenants in our credit agreement are based on EBITDA as defined in the credit agreement.
We define "Adjusted EBITDA" as earnings before interest expense, income taxes, depreciation and amortization expense, costs associated with the evaluation of potential strategic alternatives ("Strategic alternatives review"), transaction fees, and certain non-cash expenses such as impairment losses and share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance.
We define "Adjusted EPS" as diluted earnings per share eliminating amortization expense of intangible assets from acquisitions, the Strategic Alternatives Review, transaction fees, and certain non-cash expenses such as impairment losses, as well as certain specific events that management does not consider in assessing our on-going operating performance, net of the respective income tax effect.
Reconciliation of Net (Loss) Income to Adjusted EBITDA (dollars in thousands) |
||||||||||||||||||||
|
|
Thirteen Weeks Ended |
|
Twenty-six Weeks Ended |
|
Thirteen
|
||||||||||||||
|
|
June 30,
|
|
July 2,
|
|
June 30,
|
|
July 2,
|
|
March 31,
|
||||||||||
Net (loss) income |
|
$ |
(761 |
) |
|
$ |
2,604 |
|
|
$ |
(1,553 |
) |
|
$ |
(13,862 |
) |
|
$ |
(792 |
) |
Income tax (benefit) expense |
|
|
(219 |
) |
|
|
944 |
|
|
|
(247 |
) |
|
|
(4,520 |
) |
|
|
(28 |
) |
Interest expense, net |
|
|
1,061 |
|
|
|
1,502 |
|
|
|
2,297 |
|
|
|
2,703 |
|
|
|
1,235 |
|
Operating income (loss) |
|
|
81 |
|
|
|
5,050 |
|
|
|
497 |
|
|
|
(15,679 |
) |
|
|
415 |
|
Depreciation and amortization |
|
|
1,981 |
|
|
|
1,940 |
|
|
|
3,988 |
|
|
|
3,696 |
|
|
|
2,007 |
|
Impairment losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,545 |
|
|
|
— |
|
Share-based compensation |
|
|
236 |
|
|
|
75 |
|
|
|
471 |
|
|
|
436 |
|
|
|
235 |
|
Strategic alternatives review |
|
|
280 |
|
|
|
— |
|
|
|
348 |
|
|
|
— |
|
|
|
68 |
|
Transaction fees |
|
|
25 |
|
|
|
435 |
|
|
|
40 |
|
|
|
753 |
|
|
|
16 |
|
Adjusted EBITDA |
|
$ |
2,603 |
|
|
$ |
7,500 |
|
|
$ |
5,344 |
|
|
$ |
11,751 |
|
|
$ |
2,741 |
|
Adjusted EBITDA Margin (% of revenue) |
|
|
3.8 |
% |
|
|
9.3 |
% |
|
|
3.9 |
% |
|
|
7.5 |
% |
|
|
4.0 |
% |
Reconciliation of Net (Loss) Income EPS to Adjusted EPS |
||||||||||||||||||||
|
|
Thirteen Weeks Ended |
|
Twenty-six Weeks Ended |
|
Thirteen
|
||||||||||||||
|
|
June 30,
|
|
July 2,
|
|
June 30,
|
|
July 2,
|
|
March 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income per diluted share |
|
$ |
(0.07 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
|
$ |
(1.29 |
) |
|
$ |
(0.07 |
) |
Acquisition amortization |
|
|
0.15 |
|
|
|
0.14 |
|
|
|
0.29 |
|
|
|
0.27 |
|
|
|
0.15 |
|
Impairment losses (pre-tax) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.10 |
|
|
|
— |
|
Strategic alternatives review |
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.01 |
|
Transaction fees |
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
Income tax expense adjustment |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
(0.60 |
) |
|
|
(0.02 |
) |
Adjusted EPS |
|
$ |
0.07 |
|
|
$ |
0.37 |
|
|
$ |
0.14 |
|
|
$ |
0.55 |
|
|
$ |
0.07 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807354173/en/